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December 5, 2019

Real Estate boom in Bangla due to low-cost housing

Real Estate boom in Bangla due to low-cost housing

Reiterating that the real estate sector has witnessed a boom since the Mamata Banerjee government assumed office in 2011, state Finance and Industry Minister Dr Amit Mitra said on November 28 that out of 1,75,000 residential units, 60 to 70 percent share has been in the area of low-cost affordable housing. The total investment estimate is to the tune of Rs 40,000 crore since 2011.

“Affordable housing in real estate sector has always been a challenge. But since 2011, after our government assumed office, we have launched 1,06,000 units and 60 to 70 percent of it has been low-cost housing. The total employment that has been generated is over 40 lakh,” Dr Mitra said at an event, where CREDAI Bengal, in association with its knowledge partner CBRE, released a joint report titled ‘West Bengal: A beacon of growth in the East’ at Statecon 2019 in Kolkata.

He maintained that the real estate sector has been the second largest employment generator in the country. The total residential units launched till date since December 31, 2018 is 1,06,000 in number, while that for commercial units is 2,510.